Bank of America Corporation (BAC) Stake Boosted by Bainco International Investors

Bainco International Investors grew its position in shares of Bank of America Corporation (NYSE:BAC) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 248,294 shares of the financial services provider’s stock after acquiring an additional 2,935 shares during the period. Bainco International Investors’ holdings in Bank of America were worth $6,024,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BAC. Investec Asset Management LTD raised its stake in shares of Bank of America by 163.4% during the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after acquiring an additional 6,538,908 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Bank of America by 70.4% during the second quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock valued at $257,942,000 after buying an additional 4,381,323 shares during the period. Karp Capital Management Corp purchased a new position in shares of Bank of America during the first quarter valued at about $91,522,000. APG Asset Management N.V. increased its position in shares of Bank of America by 14.8% during the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after buying an additional 3,868,186 shares during the period. Finally, Artisan Partners Limited Partnership increased its position in shares of Bank of America by 56.2% during the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after buying an additional 3,764,582 shares during the period. 62.04% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank of America Corporation (BAC) opened at $26.59 on Friday. The firm has a market cap of $277,349.94, a PE ratio of 15.19, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America Corporation has a fifty-two week low of $20.20 and a fifty-two week high of $27.98.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. equities analysts expect that Bank of America Corporation will post 1.81 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.

BAC has been the topic of several research analyst reports. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target on the stock in a research report on Monday, October 16th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America in a research report on Friday, August 11th. Deutsche Bank AG reiterated a “hold” rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Finally, Royal Bank Of Canada boosted their price target on shares of Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $25.82.

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Bank of America Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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